The co-chairmen of President Obama’s debt and deficit commission offered an ominous assessment of the nation’s fiscal future here Sunday, calling current budgetary trends a cancer “that will destroy the country from within” unless checked by tough action in Washington.
“We can’t grow our way out of this,” Bowles said. “We could have decades of double-digit growth and not grow our way out of this enormous debt problem. We can’t tax our way out. . . . The reality is we’ve got to do exactly what you all do every day as governors. We’ve got to cut spending or increase revenues or do some combination of that.”
I’m so glad that we have people in Washington creating commissions to tell us things that we already know are royally screwed up. I mean, all of these small business owners who are now out of business, all of these unemployed people, they were probably still scratching their heads and trying to figure out what had gone wrong.